A machining unit comprising a quill carrying a spindle, a tool clamping mechanism on a forward end of the spindle, a drive shaft for rotatably driving the spindle through the quill, a tool feed actuator for extending and retracting the quill to and from a home position in both axial directions, the clamping mechanism being arranged to grip a tool holder when the quill is at or forward of the home position and to release or accept a tool holder when it is rearward of the home position.